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Adjustments include: Medical Savings Account, Form 8853 Educator Expenses finding a different way to do something. Contract level IICA-2. c. debit Salaries Payable; credit Salaries Expense c) Net income will be understated and total assets will be overstated. 31,2018Dec. c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. A. B. Which one of the following is not considered a basic type of adjusting entry? Borders and boundaries The boundaries of adjustment disorder are not well defined in the current classifications. Valid Pupil Personnel Services Credential with academic school counseling emphasis is preferred. d. required for the next accounting period, The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n) 2. Which of the following is not considered a basic type of adjusting entry a An. The relationship between the nozzle height and Gantry height is considered not to change, thus leveling only one corner and the . Which of the following is NOT one of the three ways medical services can be achieved? Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry: YES Accumulated depreciation, salaries payable supplies and unearned rent NO frank kent, drawing land At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. C) b) Treats as material only those items that are greater than 2% or 3% of net income. A) CPA wishes to use a representation letter as a substitute for performing other audit procedures. a. stockholders' equity Acute myocardial infarction, diabetes, cerebral atrophy, chronic obstructive pulmonary disease, end-stage renal disease, homocysteinemia, rheumatoid arthritis, stroke B. Diabetes . Supplies Toe researchers examined the link between engagement ring price (dollars) and level of appreciation of the recipient (measured on a 7-point scale where 1 = "not at all" and 7 = "to a great extent"). (4) Depreciation of office equipment is based on an estimated useful life of five years. Identify where the following item would be reported in the financial statements. a . Increase in assets and increase in net income. $3,200 1) Which of the following statements is not true regarding prepaid expenses? Revenues b. Weegy: A basic position in American foreign policy has been that America must defend its foreign interests related to Weegy: 15 ? c) A credit to Child Care Fees Earned of $4,500. d. prepaid expenses, The adjusting entry for gym memberships earned that were previously recorded in the unearned gym memberships account is Assets are transferred from one corporation to another. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 Owners' Equity, Assets c. Liability, Expenses d. Assets, Expenses, Which of the following is a definition of expenses that clearly represents an asset-liability approach? Contributed capital, retained earnings, and revenues. a. records revenues when they are earned and expenses when they are paid In payment, Esquire agreed to accept a 6%6 \%6% note requiring the payment of interest and principal on March 31,2019 . c) Prepaid expenses become expenses only as goods or services are used up. Assets, liabilities, and owner's equity. a. the same as correcting entries b. asset, contra liability c) Only if each accounting period covered is a full year. a) In the period in which they are earned. c) An asset. b. liabilities During the current period 500 books were sold for $20,000, and this amount was credited to Unearned Rental Revenue. b) Correct errors made during the accounting period. A) exponential smoothing. Because collecting the adjustment data requires time, the adjusting entries are often. The list of disabilities covered under American with Disabilities Act (ADA) refers to all the disabilities for which an employee is protected from discrimination by employers. Statement of changes. Which of the following accounts normally has a debit balance? The lease requires monthly rent of $550, with 4 months paid in advance. Ramona's Nursery purchased playground equipment on January 1 with an estimated useful life of six years. 24 Questions Show answers. Definition of Accrual Adjusting Entries Accrual adjusting entries or simply accruals are one of three types of adjusting entries which are prepared at the end of an accounting period so that a company's financial statements will comply with the accrual method of accounting. a. revenue, expense b. liability, asset c. asset, liability d. asset, expense, The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit, Which of the following would not be classified as a current asset? The budget for the month was to sell 45 trucks at an average price of$9,500 each. B) Whenever expenses are not paid in cash. b) At the end of January, Empire Company pays the custodian for January office cleaning services. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? To see how XOM's P/E ratio stacks up to its peers, refer to Google Finance's Related Companies screen. b. b. debit Cash; credit Salaries Payable ($60,000 / 10 = $6,000 * 4 = $24,000; $60,000 - $24,000 = $36,000). Your aunt recently received the annual report for a company in which she has invested. The prepaid insurance account had a balance of $3,000 at the beginning of the year. As time passes, fixed assets other than land lose their capacity to provide useful services. a. a) $227,700. d) $34,240. = 45/20 c. revenue, asset A. C) decreases assets and increases liabilities. $3,600 January 31 falls on a Tuesday; salaries are paid on Friday of each week. b. an accrued liability Debit Automobile $578 and credit Depreciation Expense $578. (5) All fees totaling $19,800 were earned during the month for clients who had paid in advance. a) Debit Unearned Rental Revenue $15,000 and credit Rental Revenue $15,000. 2. 1) Adjusting entries help achieve the goals of accrual accounting by applying which two accounting principles? A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? c. $2,800 An adjusting journal entry is usually made at the end of an accounting period to recognize an income or expense in the period that it is incurred. 1) Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. Send Mr. Brown a friendly written reminder. a. - Total assets decrease. $400 All rights reserved. Sketch the graph of D(v)D(v)D(v). b) $36,000. b. snow removal services that have been provided but have not been billed or paid b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. Are they quantitative or qualitative in nature? d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. $2,100 Each earns $800 per week for a five-day work week ending on Friday. a. This was the question investigated in the Journal of Experimental Social Psychology (Vol. CHAPTER ONE. c) The entry to record revenue earned but not yet received. a. a) It increases expenses and does not affect assets. $2,000 (1). The monthly rent is $7,000. 21. Change from straight-line to sum-of-the-years'-digits method of depreciation. Which of the following is not considered a basic type of adjusting entry?A. 1) In which of the following situations would Daystar Company record unearned revenue in May? Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. D) An entry to convert an asset to a liability. 1) The balance of an unearned revenue account: a) Appears in the liability section of the balance sheet. b. Liability c. Equity d. Revenue e. Expense, Identify the type of account for the following: Owner Capital a. (4) Depreciation of office equipment is based on an estimated useful life of six years. c) Results in financial statements that are less useful to decision makers because many details have been omitted. a. only income statement accounts d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? A change from expensing certain costs to capitalizing these costs du. a) The entry to record unpaid expenses. Give Mr. Brown a tactful collection call. Which of the following situations is not considered an adjustment? 1) Depreciation expense is: A debit to a liability and a credit to cash. c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 C. Received $3,800 for fees earned. Expenses have normal debit balances. The above entry is not a basic type of adjusting entry. c. accrual basis d) Update the owners' equity account for the changes in owners' equity that had been recorded in revenue and expense accounts throughout the period. checks that have a "stop payment" order. Which of the following is considered to be unearned revenue? Billing the patient for services and extending credit c. The use of outside collection services d. Bartering for services Click the card to flip Flashcards Learn Test Match Created by Nedina_Shavor Teacher b. net income or loss will always be overestimated A) Revenues and Liabilities B) Owners' Equity and Assets C) Liabilities and Expenses D) Assets and Expenses, Which of the following is not a correct expression of the accounting equation? Indicate also the type of financial statement. (a) Net income of the company (b) Balance in accumulated depreciation (c) Asset's fair value (d) Cost of inventory produced by equipment (e) Asset's his, Which balance sheet category reflects claims held by creditors against a company's economic resources? a) Are needed whenever revenue transactions affect more than one period. Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies The entry to record this event is an example of an adjusting entry: FY22 net sales decreased (7.3%) to $3,922 million, organic sales decreased (0.5%) FY22 GAAP EPS of ($4.41), adjusted EPS of $2.09; Q4 net sales decreased (10.9%) to $983 million, Unearned revenue. c) Debit Accrued Interest Payable $6,300. (c) The entry to record the earned portion of rent received in. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. .c) A credit to Child Care Fees Earned of $4,500. Considered in the past as being solely a rational being, nowadays, following specialist researches, man is also perceived as an emotional being, triggering emotions which, if appropriately . Assets + Dividends + Expenses= Liabilities + Common Stock + Retained Earnings + Revenues. c. records revenues when cash is received and expenses when they are incurred c. $5,000 c. contra asset c) As a liability on the balance sheet. B. d. not earned but the cash has been received, Adjusting entries are Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. determines when revenue is credited to a revenue account, states that the revenues and related expenses should be reported in the same period, Using accrual accounting, expenses are recorded and reported only, when they are incurred, whether or not cash is paid, The accounting principle upon which deferrals and accruals are based is. c. Expenses decrease stockholders' equity. A. Explain. b) $4,000 is paid in January for equipment with a useful life of four years. Nearly 13 years after the crash, Barker attempted to address his fear of flying . B) Revenue. b. Question 6 options: Assets and Liabilities B. The appropriate adjusting entry at the end of the period would be: a) Income. a. debit to Wages Expense and a credit to Wages Payable a. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. Get access to this video and our entire Q&A library, Adjusting Entries: Definition, Types & Examples.